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HindustanTimes Sat,12 Jul 2014

IRDA probes insurance CEOs after sting

HT Correspondent, Hindustan Times  Mumbai, March 22, 2013
First Published: 22:21 IST(22/3/2013) | Last Updated: 22:23 IST(22/3/2013)

Insurance sector regulator IRDA (Insurance Regulatory and Development Authority) on Friday said it has initiated a probe into allegation of money laundering against HDFC Life Insurance, ICICI Prudential Life Insurance and Max Life Insurance whose employees were caught in a sting operation by investigative website Cobrapost.com.

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The regulator has also sought a detailed report from these three insurers regarding the allegations.

"In response to the reports of sting operation conducted by Cobrapost.com alleging money laundering, IRDA has immediately taken up the matter with the CEOs of HDFC Life Insurance, ICICI Prudential Life Insurance and Max Life Insurance," said IRDA. "In this regard, the Authority has also called for relevant data for initiating appropriate action," it said.

IRDA's statement comes a day after Reserve Bank of India (RBI) of deputy governor KC Chakrabarty gave a clean chit to the banks. However, RBI will submit the final probe reports on money laundering by month end.

Axis Bank has a tie up with Max Life Insurance for selling life insurance policies.


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